EURUSD: Fresh Breakout Sets Up a Bullish Scenario, Aim 1.1630

Jun 12

Hello everyone, here is my breakdown of the current EURUSD setup.

Market Analysis

EURUSD previously traded inside an upward channel, where buyers maintained control despite several pullbacks. After a fake breakout near the channel top, price lost momentum and eventually broke below the lower boundary of the channel, signaling a shift in market structure.

Currently, EURUSD is trading above the 1.1560 Support Zone while remaining below the 1.1600 and 1.1630 Resistance Zones. After consolidating inside a range, price broke higher and is now retesting the former breakout area, suggesting that buyers are attempting to build fresh momentum.

My Scenario & Strategy

My scenario: as long as EURUSD remains above the 1.1560 Support Zone and holds the recent breakout, the bullish scenario remains valid. A continuation higher could push price toward the 1.1630 Resistance Zone (TP1) for a retest.

However, if EURUSD falls back below the 1.1560 Support Zone and loses the breakout structure, the bullish outlook would weaken and a deeper decline could follow.

That’s the setup I’m tracking. Thank you for your attention, and always manage your risk.

Jun 14

Trade active

While the corrective movement is taking place, I expected it. Now the most important thing is what the reaction will be in the support zone!

Jun 15

Trade closed: target reached

We can see that we have reached the first target. The price broke through the resistance level and reached a high of 1.16200, which is quite good. Then, on the last candles, we see sellers' intervention and there is a suspicion of a pullback.